← System1, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and Cash Equivalents, at Carrying Value | $844k | $53k | $24.6m | $135.3m | $63.6m | $86.9m | |
| Prepaid Expense and Other Assets, Current | — | — | $11.9m | $6.8m | $4.0m | $4.1m | |
| Cash and cash equivalents | $844k | $53k | $24.6m | $135.3m | $63.6m | $86.9m | |
| Restricted cash, current | — | $0 | $9.1m | $3.8m | $4.0m | $1.2m | |
| Accounts receivable, net | — | $90.2m | $80.9m | $56.1m | $62.9m | $57.3m | |
| Prepaid expenses and other current assets | — | $7.7m | $11.9m | $6.8m | $4.0m | $4.1m | |
| Restricted cash, non-current | — | $743k | $5.4m | $4.3m | $371k | $379k | |
| Cash Cash Equivalents And Short Term Investments | — | — | $8.9m | $135.3m | $63.6m | $86.9m | |
| Other Current Assets | — | — | $11.2m | $6.8m | $4.0m | $4.1m | |
| Assets, Current | $1.1m | $120k | $126.5m | $202.0m | $134.5m | $149.5m | |
| Total current assets | $1.1m | $120k | $126.5m | $202.0m | $134.5m | $149.5m | |
| Internal-use software development costs, net | — | $11.2m | $6.9m | $11.4m | $14.4m | $13.7m | |
| Property, Plant and Equipment, Net | — | $830k | $4.0m | $3.1m | $2.1m | $1.6m | |
| Goodwill | — | $44.8m | $515.6m | $82.4m | $82.4m | $82.4m | |
| Intangible Assets, Net (Excluding Goodwill) | — | — | $492.7m | $297.0m | $222.3m | $148.1m | |
| Intangible assets, net | — | $50.4m | $492.7m | $297.0m | $222.3m | $148.1m | |
| Goodwill And Other Intangible Assets | — | — | $461.0m | $390.8m | $319.2m | $244.2m | |
| Other Intangible Assets | — | — | $378.6m | $308.4m | $236.8m | $161.8m | |
| Operating Lease, Right-of-Use Asset | — | — | $6.5m | $4.7m | $2.6m | $9.1m | |
| Other Assets, Noncurrent | — | — | $2.8m | $524k | $349k | $263k | |
| Operating lease right-of-use assets | — | $0 | $6.5m | $4.7m | $2.6m | $9.1m | |
| Additional Financial Items | |||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | — | — | $80.9m | $56.1m | $62.9m | $57.3m | |
| Other non-current assets | — | $3.1m | $2.8m | $524k | $349k | $263k | |
| Accrued expenses and other current liabilities | — | $31.3m | $95.4m | $59.3m | $76.2m | $46.3m | |
| Operating lease liabilities, current | — | $0 | $2.1m | $2.3m | $2.1m | $1.4m | |
| Debt, net | — | $170.5m | $15.0m | $15.3m | $16.4m | $76.7m | |
| Operating lease liabilities, non-current | — | $0 | $5.9m | $3.6m | $1.4m | $8.2m | |
| Other non-current liabilities | — | $969k | $5.0m | $929k | $6.1m | $520k | |
| Non-controlling interest | — | $0 | $88.8m | $34.0m | $4.7m | ($13.0m) | |
| Accumulated Depreciation | — | — | ($425k) | ($1.2m) | ($2.0m) | ($2.7m) | |
| Assets Held For Sale Current | — | — | $20.3m | $0 | — | — | |
| Capital Lease Obligations | — | — | $8.0m | $5.9m | $3.5m | $9.6m | |
| Current Accrued Expenses | — | — | $68.6m | $49.9m | $53.0m | $29.3m | |
| Current Capital Lease Obligation | — | — | $2.1m | $2.3m | $2.1m | $1.4m | |
| Current Debt | — | — | $15.0m | $15.3m | $16.4m | $76.7m | |
| Current Debt And Capital Lease Obligation | — | — | $17.2m | $17.6m | $18.5m | $78.1m | |
| Current Deferred Liabilities | — | $2.0m | $1.6m | $1.8m | — | — | |
| Derivative Product Liabilities | — | $0 | $7.8m | $2.7m | $302k | — | |
| Gross PPE | — | — | $10.1m | $9.0m | $6.7m | $13.3m | |
| Interest Payable | — | $11.1m | $0 | — | — | — | |
| Invested Capital | — | — | $806.5m | $484.8m | $351.8m | $335.6m | |
| Leases | — | — | $2.5m | $2.5m | $2.4m | $2.5m | |
| Liabilities Heldfor Sale Non Current | — | — | $34.5m | $0 | — | — | |
| Long Term Capital Lease Obligation | — | — | $5.9m | $3.6m | $1.4m | $8.2m | |
| Machinery Furniture Equipment | — | — | $1.1m | $1.7m | $1.7m | $1.7m | |
| Net Debt | — | — | $405.6m | $214.2m | $207.9m | $218.2m | |
| Net PPE | — | — | $9.6m | $7.8m | $4.7m | $10.7m | |
| Net Tangible Assets | — | — | ($69.0m) | ($255.6m) | ($238.9m) | ($213.7m) | |
| Non Current Deferred Liabilities | — | — | $29.4m | $8.3m | $6.2m | $4.0m | |
| Ordinary Shares Number | — | — | $9.2m | $6.6m | $7.4m | $8.1m | |
| Other Current Borrowings | — | — | $15.0m | $15.3m | $16.4m | $76.7m | |
| Other Current Liabilities | — | — | $116.0m | $9.5m | $23.2m | $17.0m | |
| Other Equity Adjustments | — | — | ($260k) | ($181k) | ($443k) | ($157k) | |
| Other Payable | — | $10.1m | $12.9m | — | — | — | |
| Other Properties | — | — | $6.5m | $4.7m | $2.6m | $9.1m | |
| Properties | — | — | $0 | $0 | $0 | $0 | |
| Restricted Cash | — | — | $5.7m | $3.8m | $4.0m | $1.2m | |
| Share Issued | — | — | $9.2m | $6.6m | $7.4m | $8.2m | |
| Tangible Book Value | — | — | ($69.0m) | ($255.6m) | ($238.9m) | ($213.7m) | |
| Tradeand Other Payables Non Current | — | $0 | $15.8m | — | — | — | |
| Working Capital | — | — | ($84.6m) | $115.6m | $29.4m | $3.0m | |
| Total Capitalization | — | — | $791.5m | $469.5m | $335.4m | $258.9m | |
| Total Debt | — | — | $422.5m | $355.4m | $275.0m | $314.7m | |
| Total Non Current Assets | — | — | $1.0b | $403.5m | $324.7m | $255.5m | |
| Total Tax Payable | — | $361k | $1.1m | $1.2m | — | — | |
| Assets | $518.6m | $517.6m | $1.2b | $605.5m | $459.1m | $405.0m | |
| Total assets | $518.6m | $517.6m | $1.2b | $605.5m | $459.1m | $405.0m | |
| LIABILITIES AND EQUITY | |||||||
| Total liabilities and stockholders' equity | $518.6m | $517.6m | $1.2b | $605.5m | $459.1m | $405.0m | |
| Current liabilities: | |||||||
| Operating Lease, Liability, Current | — | — | $2.1m | $2.3m | $2.1m | $1.4m | |
| Accounts Payable, Current | — | $72.8m | $12.1m | $9.5m | $10.4m | $22.0m | |
| Operating Lease, Liability, Noncurrent | — | — | $5.9m | $3.6m | $1.4m | $8.2m | |
| Long-term Debt, Excluding Current Maturities | — | — | $415.0m | $349.5m | $271.5m | $228.4m | |
| Long-term Debt, Current Maturities | — | — | $20.0m | $20.0m | $20.0m | $30.0m | |
| Current Deferred Revenue | — | $2.0m | $1.6m | $1.8m | — | — | |
| Payables And Accrued Expenses | — | — | $76.4m | $59.4m | $63.4m | $51.3m | |
| Liabilities, Current | — | $13.0m | $210.3m | $86.4m | $105.1m | $146.4m | |
| Total current liabilities | $613k | $13.0m | $210.3m | $86.4m | $105.1m | $146.4m | |
| Deferred Income Tax Liabilities, Net | — | — | $43.4m | $8.3m | $6.2m | $4.0m | |
| Other Liabilities, Noncurrent | — | — | $5.0m | $929k | $6.1m | $520k | |
| Long-term debt, net | — | $0 | $399.5m | $334.2m | $255.1m | $228.4m | |
| Deferred tax liability | — | $7.8m | $43.4m | $8.3m | $6.2m | $4.0m | |
| Long Term Debt And Capital Lease Obligation | — | — | $405.4m | $337.8m | $256.5m | $236.6m | |
| Non Current Deferred Taxes Liabilities | — | — | $29.4m | $8.3m | $6.2m | $4.0m | |
| Pensionand Other Post Retirement Benefit Plans Current | — | $0 | $15.4m | — | — | — | |
| Deferred Tax Liabilities, Net | — | — | $43.3m | $8.3m | $6.2m | $4.0m | |
| Liabilities | $82.4m | $60.4m | $687.7m | $436.2m | $374.1m | $387.6m | |
| Total liabilities | $18.7m | $60.4m | $687.7m | $436.2m | $374.1m | $387.6m | |
| Stockholders’ equity: | |||||||
| Additional Paid in Capital | $6.7m | $0 | $829.7m | $843.1m | $863.0m | $878.9m | |
| Retained Earnings (Accumulated Deficit) | ($81.3m) | ($60.3m) | ($445.3m) | ($707.7m) | ($782.3m) | ($847.7m) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | — | — | ($417k) | ($181k) | ($443k) | ($157k) | |
| Accumulated deficit | ($806k) | ($60.3m) | ($445.3m) | ($707.7m) | ($782.3m) | ($847.7m) | |
| Accumulated other comprehensive loss | — | $428k | ($417k) | ($181k) | ($443k) | ($157k) | |
| Treasury stock, at cost - 137 shares as of December 31, 2025 | — | — | — | — | $0 | ($557k) | |
| Capital Stock | — | — | $11k | $9k | $1k | $1k | |
| Gains Losses Not Affecting Retained Earnings | — | — | ($260k) | ($181k) | ($443k) | ($157k) | |
| Treasury Stock | — | — | — | — | $0 | $557k | |
| Stockholders' Equity Attributable to Parent | ($81.3m) | ($60.3m) | $384.0m | $135.3m | $80.3m | $30.5m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | — | $88.8m | $34.0m | $4.7m | ($13.0m) | |
| Minority Interest | — | — | $78.7m | $34.0m | $4.7m | ($13.0m) | |
| Total Equity Gross Minority Interest | — | — | $470.7m | $169.3m | $85.0m | $17.4m | |
| Total Non Current Liabilities Net Minority Interest | — | — | $478.7m | $349.7m | $269.0m | $241.1m | |
| Total stockholders' equity attributable to System1, Inc. | $5.0m | ($60.3m) | $384.0m | $135.3m | $80.3m | $30.5m | |
| Total stockholders' equity | — | ($28.4m) | $472.8m | $169.3m | $85.0m | $17.4m | |
| Liabilities and Equity | $518.6m | $517.6m | $1.2b | $605.5m | $459.1m | $405.0m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.